Mortgage Loan Adviser Eric Wennerstrand

03/30/2026

Interesting read:

Refinancing pressure is bringing buyers and sellers together.

03/03/2026

4Q25 Fear & Greed Index: What It Means for Multifamily Owners.

I received this information through a newsletter from Marcus & Millichap’s Multifamily Division.

It's a good read for investors wanting some perspective on the current and upcoming markets.

The latest Burns + CRE Daily Fear & Greed Index registered 58, signaling a modestly expanding commercial real estate market

In simple terms:

The market is no longer contracting - but it is not fully rebounding either.

The index measures three core components:

Current investment strategy
Expected investment strategy (next 6 months)

Access to capital

This quarter reflects improving investor confidence and loosening credit conditions — but also continued pricing pressure in multifamily.

Key Multifamily Findings

Multifamily asset values declined ~6% year-over-year, the largest drop among major CRE sectors.
Investors expect slight additional value softening in early 2026.
Access to capital improved across sectors, with more investors reporting easier financing conditions.
73% of multifamily investors anticipate an increase in distressed transactions over the next six months.
While 25% of investors increased exposure this quarter (highest since 4Q23), overall forward-looking multifamily sentiment remains cautious.

The takeaway:

Sentiment is improving faster than pricing fundamentals.

What This Means If You’re Selling

We are entering a transitional phase.
Buyer confidence is rising. Capital markets are gradually loosening. But distress is expected to increase multifamily

For owners considering a sale, that creates a strategic window:

1️⃣Buyer Appetite Is Returning

More investors are increasing exposure, and underwriting assumptions on cap rates are largely flat to slightly compressing. Well-positioned assets are trading.

2️⃣ Distress Has Not Fully Cleared

With a majority of multifamily investors expecting more distressed transactions ahead, additional supply could pressure pricing later in 2026.

3️⃣ Capital Access Is Improving, Selectively

Falling short-term rates (SOFR down ~140 bps since 3Q24) are easing borrower pressure.

That improves buyer leverage capacity, particularly for stabilized Midwest assets.

Strategic Implication for Midwest Owners

Midwestern multifamily has benefited from:

Lower supply volatility
Stable occupancy trends
Measured rent growth

In a market where Sunbelt oversupply and insurance costs have pressured underwriting nationally, stability carries a premium.

If distressed inventory rises and lenders remain conservative, timing becomes critical.

Selling into improving sentiment - before distressed volume accelerates - may preserve pricing leverage.

Our Perspective

This is not a peak pricing market.

It is not a distressed market either.

It is a capital transition market.

Owners who are proactive in evaluating disposition timing — rather than reactive to loan maturities or market headlines — will control outcomes in 2026.

If you would like a valuation analysis incorporating these 4Q25 findings and how they apply specifically to your asset and submarket, we would welcome the conversation.

Read More
Fear & Greed Index | CRE Investor Sentiment

Daniel Bowar
Director of Investments

[email protected]
O: 262.364.1907
C: 262.366.7308
LinkedIn
The #1 Choice In Multifamily

Marcus & Millichap’s Multifamily Division provides the industry’s most dynamic and active marketplace for the acquisition and disposition of apartment properties. With specialists throughout the U.S. and Canada, Marcus & Millichap’s Multifamily Division is the top apartment sales brokerage. As the leader in real estate investment services, Marcus & Millichap’s agents leverage the industry’s most powerful marketing platform and an array of value-added services to maximize value for clients.

Get Started
www.MarcusMillichap.com
Real Estate Investment Sales | Financing | Research | Advisory Services

Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024

Daniel Bowar | 13890 Bishops Drive Suite 300 | Brookfield, WI 53005 US

Unsubscribe from Daniel Bowar |
Unsubscribe from all Marcus & Millichap
Update Profile | Constant Contact Data Notice

Marcus & Millichap: #1 commercial real estate investment sales brokerage in North America, offering investment sales, financing, research and advisory services.

01/15/2026

Attention Investors! Get cash for your next flip or buy and hold with our DSCR SECOND MORTGAGES!

Send a message to learn more

12/04/2025

Wow! Check it out.
Maximum Baseline Loan Amount for 2026
Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands

1 $832,750 $1,249,125
2 $1,066,250 $1,599,375
3 $1,288,800 $1,933,200
4 $1,601,750 $2,402,625

11/14/2025

Shutdown Ends

Mortgage markets were relatively quiet over the past week. No major economic data was released, and the end of the government shutdown caused little reaction. As a result, mortgage rates ended the week nearly unchanged.

After a record 43 days, the government shutdown ended on Wednesday. With the exception of one Consumer Price Index inflation report, no government economic data was released during this period. It is expected that government agencies will soon announce the schedule for delayed reports based on how quickly data collection can catch up. A White House official said that missed key labor market and inflation reports for October may never come out. In addition, there may be questions about the accuracy of some of the data for a couple of months.

As difficult as the data blackout period has been for investors, Fed officials have struggled under even more pressure to navigate during the past six weeks. As Chair Powell made clear at the last Fed meeting, officials are divided about how to proceed. Signs of weakness in the labor market support additional loosening of monetary policy, but stubbornly elevated inflation levels since tariffs increased favor holding steady. Attempting to prioritize these conflicting goals is difficult under any circumstances, but doing it while flying blind with extremely limited economic data is extremely challenging, to say the least. As a result, investors are nearly evenly split about whether the Fed will reduce the federal funds rate by another 25 basis points at the next meeting in December.

Investors continue to look for alternative information from private companies. One report receiving attention this week revealed disappointing news about the labor market and the important holiday shopping season. According to Indeed Hiring Lab, retail-related job postings declined 16% in October from last year at this time. This typically reflects the consumer demand anticipated by retailers, which may be depressed this year due to the impact of higher tariffs and the government shutdown. According to several large retailers, another factor behind the reduced hiring needs is that fewer employees are voluntarily quitting their jobs, likely due to greater uncertainty about their prospects for finding better opportunities at another company.

Looking ahead, investors will continue to watch for additional information about tariffs and monitor comments from Fed officials for hints about monetary policy later in the year. With the end of the government shutdown, investors will be waiting for the schedule for the release of government economic reports. The detailed minutes from the October 29 Fed meeting will be released on Wednesday. Existing Home Sales will come out on Thursday.

Weekly Change
10yr Treasury flat 0.00
Dow fell 100
NASDAQ fell 300

Calendar
Wed 11/19 Housing Starts
Wed 11/19 Fed Minutes
Thu 11/20 Existing Sales

07/31/2025

https://www.anmtg.com/

Welcome to an enhanced mortgage experience! In just a few minutes, discover what you qualify for and explore numerous loan options and competitive interest rates.

05/12/2025

https://www.facebook.com/share/v/1BnrtBRrwD/

Send a message to learn more

05/12/2025

CHINA & U.S. TRADE
As you can imagine the story of the day and to the markets is the 90-day trade deal between China and the U.S. agreeing to a temporary tariff deal as they work through the final solutions.

The temporary agreement is to cut the current tariffs by 115% on each side. This means China imports coming into the U.S. will go from 145% to 30% and imports going into China will go from 125% to 10%.

This has sent the U.S. stock market soaring over 1,000 points this morning and the bond market is down a bit but still stable for such a large announcement.

Last week we ended the week very close to where we started the week Monday morning.

The big news this week outside of the tariff deal is tomorrows CPI (Consumer Price Index) which is one of the Fed's favorite gauges of inflation and can definitely move the markets.

Sounds like it is going to be a fun week folks. Buckle up and let's see where it goes. I do like where it is heading at the moment though with the tariff deals.

Stay tuned!

LAST WEEK
CONV 5.5% - DOWN 15
CONV 6.0% - DOWN 3
GOVT 6.0% - DOWN 6
10 YR NOTE - UP 7
DOW JONES - UP 134
SO FAR TODAY
CONV 5.5% - DOWN 13
CONV 6.0% - DOWN 10
GOVT 5.5% - DOWN 19
GOVT 6.0% - DOWN 10
10 YR NOTE - UP 6 TO 4.44
DOW JONES - UP 1017

GREEN is GOOD for Rates - RED is BAD for Rates

Send a message to learn more

04/30/2025

Wondering how a mortgage checkup can benefit you? Here's what you can discover:

Mortgage Checkup Insights

Home Value and Equity Estimate: Find your estimated home value and equity.
FICO Score Check: Get a glimpse of your FICO score.
PMI Removal Assessment: Let us review your loan to explore removing Private Mortgage Insurance.

Long Term Options: Explore payment options for 15-year vs. 30-year loans.
Refinancing Possibilities: Work with our team to determine potential savings through refinancing.

At A and N, we're committed to being your mortgage lender for life. Ready for a mortgage checkup? Contact us today, and let's explore the best fit for you.

NMLS Consumer Access has detected that you are using an outdated internet browser which does not meet industry data encryption standards. Please download the latest version of your preferred internet browser to use NMLS Consumer Access.

04/02/2025

01/08/2025

Found this online. Thank you!
Rebecca Knox

Specialist
Milwaukee, WI
Replied over 2 years ago
I run a local private real estate group and there are so many lenders to choose from. I have a running list of over 140 lenders/brokers that actually are funding deals in Milwaukee. Recently was involved in a transaction with Finance of America and they performed very well. I believe they also are able to cash out re-fi a little before 6mos but that's just what I've heard through the local real estate grapevine from other BRRRR investors. F-Street also has a 30-yr product now but they also do hard money loans. Eric Wennerstrand from First Centennial gets great reviews as does John Wick at NRL mortgage but US Bank also offers cash out re-fi for oos investors. There's really so many options to choose from.

Send a message to learn more